What Smith did you take it to? And where in SoCal do you live?
I just went through the same deal with a buddy and his 700. It’s probably not worth spending the money on that it would take to really do a complete job, unless there is some sentimental attachment. You’d be talking about $500 worth of blueprinting, and another $600 for a good barrel and chamber cut. Plus another $200 for a trigger, and $150-$200 for stock bedding.
$1,500.00 sounds like a bargain.
Before "Big Green" went "tango-uniform" the last time, I had Remington's custom shop build me what was essentially a Model 700 XCR II in a AAA-grade, Claro walnut stock. It cost over $2,100.00.
I did that to avoid the frustration of having a 700 built wrong and get one closer to my bench-built c. 1950 Remington 721 that I should have never sold.
When my 721 (which was "new in the box" when I bought it back in 2011) was new in 1950, it had a base MSRP of about $90.00 compared to its Winchester rival, the Model 70, which started off at $110.00 and went up from there.
Those prices sound cheap, but if the sport of yore had to use 2026 dollars to buy one or the other new, the Remington 721 would have cost him $1,233.16 or more in today's money, while the fancier Model 70 would have set him back the equivalent of $1,507.26 or more in 2026 dollars. Which ever one he decided on, he was paying cash for it, as credit cards allowing one to rent their lifestyle weren't "a thing" back then.
A Model 700, built like one is supposed to be built,
should cost the equivalent of $1,200.00 to $1,500.00 today, like they always have since 1963, and like the bench-made 721 did before that.
In light of this, I don't think that spending $1,500.00 on gunsmithing a 700 into something that would bring the person doing it joy is unwise.
But I'd rather have my Remington 721 or my custom shop Remington 700 back than a Tikka T3x, too.